"For too long, organizations have concentrated on the tool, namely the Balanced Scorecard, rather the problem, which is the best way to sensibly report back against strategy."

Walsh said IT departments (and all other parts of an organization) need to start thinking about the changes around them, make responses to those changes and build reporting structures that report back to those changes.

Westpac, the University of Sydney, Parliament New South Wales and Morgan Stanley are some companies that Walsh claims have successfully implemented this next generation of reporting.